Crude Going to test Resistance - 1hr chartLevels I'm watching for bullish confirmation 74.60, 76.60 and 78.60. Below $72 would suck for bulls.
WTI1! trade ideas
CL 4 hour chart looks like more range bound tradingThe 4 hour charts doesn't offer to many more clues other than a tighter $65/75 range and an upwardly grinding channel
I will keep an eye on it and see if it changes materially in the coming weeks.
Broad look at CL moves and expected moves for 2024The first impulse higher from the crazy lows back in 2021 to the 129.55 high in 2022 has been correcting, the first impulse lower reached 65.38 and we we now consolidating in a narrow 65/80 range.
the current move could extend into $90/95 zone being the 38.2/50.0% retracement before completing its correction in the $45/48 area which marks the target for the correction and the 50% retracement of the -$40/$129 move.
WTI Crude Oil: An Emerging Trading RangeThis morning’s jobs report came in stronger than expected, and oil prices rallied. The 216k December NFP gain topped the +175k estimate, though revisions to the two previous months were sharply negative – a trend we saw throughout 2023. Average hourly earnings verified hotter than what economists were forecasting. At +4.1% on a year-on-year basis, workers are now earning about a full percentage point above the current inflation rate. Compared to the 6-month annualized Core PCE rate, you could argue that real wages are positive by 2.2% versus December 2022.
Amid a strong labor market and ahead of next week’s CPI report, commodity prices are treading water. WTI hovers in the low $70s, and I assert that a new trading range has developed between $68 and $79. Trend-following traders may be frustrated by this sideways price action, but more stable energy costs could be a boon to the corporate world, right as the Q4 reporting season gets underway a week from today.
For now, this $11 WTI range will be one to watch as 2024 progresses. A breakout through it would portend an upside measured move price target to about $90, based on the $11 range height. A bearish breakdown could lead to a dip into the FWB:50S per barrel of WTI. With very high domestic oil and gas production and wavering global demand for oil amid a possible slowdown in GDP growth over the first half of the year, there are certainly some bearish supply/demand factors at play. Still, ongoing tensions in the Middle East have led to a surge in shipping container day rates, and further geopolitical escalations is a bullish catalyst to watch over the coming weeks.
For now, I see more trendless action taking place in crude oil.
Crude oilCrude oil Chart Analysis 05/01/2024
Elliott Wave Theory
Long : 6035
Sl : 5900 Closing Basis
Target : 6340 / 6500 / 6770
Enjoy !
The daily chart of Crude Oil seems algorithmically beautiful The last two weeks for NYMEX:CLG2024 were wild. We rallied around +10% due to geopolitical and macroeconomics events and the last three days we saw a retrace around -5%. Now to the technical part of the chart. Oil reacted to the volume imbalance (checkpoint "1") pushing price to go lower . We are currently touching the bullish order-block (checkpoint "2") that should work as a support for the price to make it bounce higher, at least to the volume imbalance (checkpoint "5") or the Buyside liquidity resting to the checkpoint "7". On the other hand, if price does not react to the order-block oil could price lower to the Fair Value Gap (checkpoint "3" )and maybe touch the volume imbalance (checkpoint "4")(*Note that the lower doted line of the checkpoint 4 is also the 50% of the wick of the weekly candle that could also work by itself as a support). If we do not see a displacement higher we should assume that maybe price want to go lower to take the Sell-side Liquidity that is resting bellow the checkpoint "6" before heads for the upside. In my opinion after that pricing ,oil could go to the checkpoint "8" (that is the 50% of the wick of the daily candle) or draw to the the buyside liquidity at checkpoint "9". After all I think oil will price higher but before doing so it has to go to some key points that been stated above.
Crude Oil Short Strongest moves are taking place around 7am - 11am EST.
15 min trend is lining up with the 1 hour CCI momentum
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Soybeans and Crude Oil
OIL working its way up76 target, trend line bounce. 1st day that NY Algos open the day buying OIL since NOvember 30th
CL - Crude OilCrude could be setting up for a nice breakout and is poised for a year of outperformance.
CL turning pointCL possibly looking for a move higher. Confirmed +Breaker on the Daily. Looking for an entry on the lower time frame for a long run to IDPA 20 where there happens to be relative equal highs. Random....
CRUDE OILPreferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
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Enjoy Trading... ;)
CrudeoilCrudeoli level
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8hr Crude Oil Chart Trying to Find Support Based on this Elliott Wave idea, price "could find support nearby, or even gap up at the open, in search of higher levels. In my view of the market, price could gap up and go at the open, or give us a wick down into support overnight before ripping higher all week. But, these words are easy to type... price is KING.
In Search of Support to Bounce Higher this WeekBased on this Elliott Wave idea, price "could find support nearby, or even gap up at the open, in search of higher levels. There are two areas of interest based on s/d zones: 75/76 and also a more bullish 78/80. Will know much more by 6am Monday morning... tick tock.
Channel Set-up - Crude OilBased on Elliot Wave counts from another source, I believe the low at 67.71 is in and Wave 1 is completed at 76.18. The bottom of the channel will complete Wave 2 at the same level. Likely will see another low in overnight trading to come to .618 Fib level seen on the chart and then see prices start to move up. Fib levels are not hard and fast and Wave 2 can dip pretty close to the low at 67.71 with count invalidated below that level.
Will look to confirm if you will the channel bottom low with prices turning up and seeing higher highs and higher lows.
Huge Bounce Play from the Bulls now or Naw...? (CL Futures)NYMEX:CL1!
Daily and Weekly Chart we are Clearly Bullish.....
However we could see a huge Bounce Play from this Daily Demand.
Whats your take on CL....?
Higher Oil Prices in 2024?
LMK what yu think i'm Neutral atp....
Shalom+
#BHM500K
Oil over $100 by EOY... starts tomorrow!Oil is about to start heading higher in part because I believe the dollar (DXY) is about to collapse. I show a channel and some price targets using fibs. I see oil over $100 BY EOY of possible up to $116 by March/April 2024. Of course it could go up faster depending on any supply shocks. I also believe stock market, BTC, and Gold will be rallying with oil thru EOY starting tomorrow.
$CL_F: Crude oil's down trend could be reversing here...Seems like a low risk entry to go long Crude Oil here, and also a good hedge for equities, and the inflation under control thesis under pinning bullishness in stocks.
Best of luck!
Cheers,
Ivan Labrie.
Best Moment for Oil AIM LOWER. hello everyone, dont forget to have a good money management.
its almost 99% oil will go to 70
85% to 68
70% to 65 ,
after breaking the 65 it will be super downfall to 57-59
happy new year and merry christmas
Happy Holiday
WTI Crude oilOur overview:
Despite EIA report a big draw in stock and the impact of the Red Sea commercial routes disruption, is still not clear, the market experienced a deep selloff. In our opinion due to end of year portfolios correction and take profit.
Trends analysis:
Primary(purple): upward corrective structure wave B, intermediate(green): downward corrective structure wave B, minor(yellow): upward corrective structure wave A, intraday(orange): upward impulsive structure wave 1.
Our current strategy:
Aggressive Long looking for a technical rebound with first target @$73.80. Our current position's risk profile @$72.20: delta +0.48, gamma +0.19
Hedging point: on breakout $71.50
Bottoms are BearishThis is a serious extension down today. This is the very bottom of a known support zone so even though it smells bad down here, this 'could" be a bottoming area. The downside structure is absolutely full down here now and a bounce seems more likely than not. #BottomsAreBearish!
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